Types of Home Loans

At iServe Residential Lending, we appreciate that every client has unique financing needs. Our wide portfolio of home loan solutions has been developed to meet your requirements and our trusted staff is available to make the selection process as efficient as possible. We understand that with options can come confusion, so our goal is to provide maximum clarity and benefit, regardless of mortgage type. Here is an overview of our home loan options:

Conforming

• Loan amounts up to $417,000 on single family home (higher limits for multi units).
• Fixed and ARM programs.
• Available to 97% loan-to-value, over 80% loan-to-value borrower is required to pay monthly mortgage insurance premiums.
• 5-20% down payment options.
• Primary, vacation, rental, and investment occupancies allowed, as well as 2nd homes.

FHA

• Loan amounts to FHA high-balance limits per state
• Fixed and ARM programs.
• Minimum 3.5% down payment. Great for first-time home buyers.
• Gift funds may be used toward down payment and closing costs.
• No early pre-payment penalties
• Credit scores to 600 (*580 or lower in some cases), flexible debt ratios.

USDA

• Available in designated rural areas. Inquire with us for specifics.
• Offers 100% financing, some cases will cover closing costs
• Monthly housing cost must meet specified percentage of homebuyers gross monthly income
• Applicants may have income of up to 115% of median income in your area. Contact us for specifics